by | Jun 17, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series, Tax Tip of The Week
Every business owner has tons of business expenses that they “need” in order to run their business. And, every business owner believes that everything they spend should be deducted on their tax return. But, the tax code makes reporting these expenses to the IRS...
by | Jun 10, 2011 | Accounting & Bookkeeping, Books, Cost Cutting, Current Affairs, Tax Tip of The Week
On July 1, 2011 the federal unemployment tax (FUTA) rate is set to drop by 0.2% when a special surtax is scheduled to lapse. President Obama is pushing for it to be extended permanently; but, congress is unlikely to go along with the extension. This means that...
by | May 21, 2011 | Income Taxes, Tax Tip of The Week
“My spouse and I are getting a divorce, do I have file a joint return?” is a question I often get from taxpayers that are separated from their spouse but not yet divorced. The answer is, like most tax questions, maybe. A married person can file as if they were not...
by | May 12, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS announced that they paid out tons of bogus claims for homebuyer’s credits. This was based on an investigation by Treasury department inspectors. They uncovered claims that were paid out for homes that were purchased before the credit took effect, by taxpayers...
by | Apr 5, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. By Joy Taylor, Assistant Editor, The Kiplinger Tax Letter www.kiplinger.com/links/auditredflags Ever wonder why some tax returns are audited by the IRS while most are ignored?...
by | Mar 25, 2011 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
From QuickFinder 1040 for 2010 General record keeping requirements for noncash contributions: 1) Name of charitable organization. 2) Date and location of contribution. 3) Reasonably detailed description of contributed property. 4) Fair market value and method of...
